With mixed-use developments springing up across Westchester County, the town of Greenburgh is mulling the construction of another north of Elmsford that could generate millions in tax revenue and impact neighboring municipalities.
The proposed 100-acre development near the Madison Square Garden training center and Regeneron Pharmaceuticals calls for about 400,000 square feet of retail, including two big box retail stores, a 110-room hotel, bank and gas station.
The Town Board is reviewing an application from LCOR, a New York City-based real estate investment and development company, to create a new economic development zoning district, which town officials say will provide flexibility when designing and building the complex.
Greenburgh Supervisor Paul Feiner said the proposed rezoning could generate between $4.2 and $6.9 million a year in property tax revenue without having a negative effect on local schools. The impact on traffic and the environment is being reviewed.
“This is a really major development with long-term financial ramifications for the health of Greenburgh,” Feiner told The Journal News.
In response to comments from the town, the applicant also submitted an alternative plan that incorporates all 180 acres of the Landmark at Eastview site, including already developed areas of the property. It envisions a Westchester bio-tech hub extending into the town of Mount Pleasant, with a total of about 1 million square feet of laboratory and office space spread among five buildings.
Officials from neighboring communities, including Mount Pleasant, have expressed concerns about the project’s impact on traffic, and local businesses.
Feiner said the draft environmental impact statement will be made available this week on the town website. A public hearing is scheduled for June 12.
Photo: Regeneron Pharmaceuticals Inc. would be included in a proposed bio-tech hub being considered by Greenburgh.